Facebook and Google on the Blockchain – What's Their Aim?

What’s the relationship between Facebook, Google, and blockchain? Does blockchain have the potential to disrupt the present-day social networking and technology giants?

Blockchain has found application in all major areas of our lives. Now think of it as the next generation social network. In essence, it is a network, right? What if blockchain is the next place to virtually hang out that will only belong to people, not corporate juggernauts like Facebook and Google.

Why we don’t want Facebook or Google to take any more control

Both Facebook and Google have taken control of our data. That is known for fact. Facebook alone has about 2 billion users on its network, and the number of active monthly users continues to grow. Can you imagine how much data the two corporations potentially handle?

Blockchain, on the other hand, is decentralized and helps protect the user’s online identity and privacy, i.e., data.

“I certainly don’t think blockchain is an existential threat to Facebook today,” said Spencer Bogart, a partner at Blockchain Capital, a venture firm based in San Francisco that invests in blockchain companies and cryptos. “Could it be? Yes, longer term. That’s why they want to be smart and stay engaged.”

Google, being the world’s #1 search engine, collects our data to display better results. A blockchain-based search engine would allow to do the same, but without virtually spying on who we are and what we like.

What’s Facebook’s and Google’s take on the blockchain?

Facebook’s and Google’s key players are not stupid and have got their hands on blockchain already. They are investing in the technology, looking into developing their own blockchain technologies.

For example, Facebook is known for banning crypto ads, at the same time, planning to launch its own token. Interesting enough, isn’t it? Banning others to create one’s own.

Google has also been reported to be working on its own blockchain technology and issuing an exclusive token. Primarily, to support its cloud business and outrun competition in the field. Google already has to put up with a blockchain-based browser Brave, similar to Google’s own Chrome. Instead of using paid ads, Brave, obviously, uses blockchain technology to pay the companies.

What’s their aim?

Let’s be straightforward. Their aim is to benefit from the hype. Stop and think about it for a second… why would profit-driven companies take such interest in decentralized technology all of a sudden?

Here’s good food for thought. Bitcoin and Ethereum were primarily built for people to benefit from blockchain platforms, whereas Facebook and Google were established to benefit from people helping them.

What do you think? Are you interested in Facebook and Google’s potential tokens? Would you invest in their blockchain technologies? Share in the comment section below!